Home Share Market Venus Pipes IPO subscribed 2.37 occasions on first day of supply

Venus Pipes IPO subscribed 2.37 occasions on first day of supply

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The preliminary public supply of Venus Pipes and Tubes acquired absolutely subscribed throughout the first few hours of opening on Wednesday. It closed with 2.37 occasions subscription on the primary day.

The class meant for Retail Individual Investors (RIIs) acquired 4.10 occasions subscription, whereas the portion for non-institutional buyers acquired subscribed absolutely and Qualified Institutional Buyers (QIBs) 36 per cent.

The Rs 165.41-crore IPO acquired bids for 84,13,860 shares in opposition to 35,51,914 shares on supply, translating into 2.37 occasions subscription, in keeping with NSE knowledge.
The Initial Public Offer (IPO) of fifty,74,100 fairness shares has a value vary of Rs 310-326 per share.
Venus Pipes and Tubes has collected over Rs 49 crore from anchor buyers.

Proceeds from the difficulty shall be used for financing the venture value in direction of capability enlargement and backward integration for manufacturing of hole pipes, to fulfill working capital necessities and for common company functions.

The Gujarat-based firm is a rising stainless-steel pipes and tubes producer and exporter in India.
The firm, underneath the model title Venus, provides its merchandise for functions in various sectors, together with chemical compounds, engineering, fertilizers, prescription drugs, energy, meals processing, paper and oil and gasoline.

The fairness shares of the corporate are proposed to be listed on BSE and NSE.
SMC Capitals is the supervisor to the supply.

Source: www.financialexpress.com”